Guaranteed 50% return on property investment

monty11


Joined: 09/03/2007
Posts: 1

Message Posted:
09/03/2007 16:03

Hey chaps



For those of you contemplating investing in North Cyprus, how's this for a deal!? There is a new development like a resort happening around Bogaz / Famagusta with approx. 300 apartments. I belive its a mixture of 1/2/3 beds fully furnished starting from £35k. when i read this, i didnt think much of it. But check this. If you buy an apartment in this development, you are GUARANTEED a return of 50% on your investment!!!



YEAH! I thought the same! GUARANTEED??? Well, it says so in the press release!! Check out their website for the press release:

http://www.investorsprovident.com/



Cheers!

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
09/03/2007 16:34

There is a well known saying it is "if it sounds too good to be true it is"



There is also another saying "a fool and his money are easily parted"

JamesB


Joined: 07/02/2007
Posts: 450

Message Posted:
09/03/2007 16:35

Sorry Monty,

Who did you say you worked for?

Hippo


Joined: 02/02/2007
Posts: 2070

Message Posted:
10/03/2007 07:57

Billy B........t spotted

sungoddess


Joined: 16/12/2006
Posts: 44

Message Posted:
10/03/2007 16:39

OK, I think I've found the catch! It appears you don't actually OWN the apartment until the five years are up - you simply have it 'rent-free' or similar. Look at the last para -



"Once the five years are up, the investor can then decide what they want to do with the apartment. If they wish, they can return the apartment back to the developer get a full refund - with profit of 50% on their original purchase price. Alternatively, if they decide to keep the apartment for long-term, they can pay a small fee and have the contracts fully assigned to them, thus claiming ownership to the freehold apartment."



Note the words 'fully assigned' and 'claiming ownership'. So you pay for the apartment up front, and don't actually own it until five years later when you have to pay a 'small fee' as well?? I'm no lawyer but this sounds dodgy territory to me!



Monty - if you are involved in this and I am wrong, by all means refute. Otherwise, I'm sticking to my interpretation... and holding on to my cash.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
11/03/2007 01:18

Once again



There is a well known saying it is "if it sounds too good to be true it is"







There is also another saying "a fool and his money are easily parted"